Russia bans banks from sharing information with foreign countries
Central Bank of Russia in Moscow. (Image: Getty Images)
This is the latest move by lawmakers Russia to protect the country’s financial sector.
Under the draft law, Russian authorities require Russian businesses and banks not to disclose information about issued shares and lists of buyers to protect themselves from possible sanctions.
In addition, the Central Bank of Russia said it would not publish financial statements of banks on its website until October.
The Bank of Russia also said that it would not publish the names of banks connected to the payment system as an alternative to the SWIFT payment network and temporarily stopped publishing monthly foreign trade data.
The bill would need to be approved by the Russian Senate and signed by President Vladimir Putin to take effect.
Pierre-Olivier Gourinchas, Chief Economist of the International Monetary Fund (IMF) recently said that the Russian economy will not recover from sanctions anytime soon. The IMF forecasts that Russia’s gross domestic product (GDP) will shrink by 8.5% this year and is expected to fall another 2.3% next year.
According to Gourinchas, Western sanctions targeting Russia’s energy exports could reduce Russia’s economic output by as much as 17% in 2023.
However, Mr. Gourinchas said Russia’s monetary authorities were successful in using capital controls and higher interest rates to prevent banks’ operations from falling into bankruptcy or “complete financial crisis”.
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